Philippines Morning News For July 2

Philippines Morning News For July 2

Philippines morning newsPH net IIP down to $34.1 billion in first quarter
The country’s net international investment position (IIP) improved in the first quarter of the year with external liability position falling to $34.1 billion as of end-March from $43.4 billion in December 2017, the Bangko Sentral ng Pilipinas (BSP) reported.
— Manila Bulletin

Philippines FDI Grows 43.5% in Q1
Foreign direct investment into the Philippines in the first quarter of this year rose to $2.2 billion, or an increase of 43.5% compared to the same period last year, the government said on Sunday.
— Financial Tribune

Philippines is 2nd worst auto market in 4 months
Vehicle manufacturers have cut production by over a third as the Philippines slid to being the second worst performer in Southeast Asia in the first four months of the year.
— The Philippine Star

Micab gets P3-M research grant from DoST
RIDE-HAILING company Micab Systems Corp. has received a P3-million research grant from the Department of Science and Technology (DoST) to develop a ridership engine that would be integrated in its mobile app.
— BusinessWorld Onilne

CEZA eyes $4B investments
The Cagayan Economic Zone Authority (CEZA) is in talks for at least $4 billion in investments from Chinese and Korean companies, its administrator Secretary Raul Lambino said.
— Malaya

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PH producer prices up 1% in May
Producer prices in the manufacturing sector continued to increase in May, mainly driven by higher selling prices of tobacco and petroleum products, the Philippine Statistics Authority (PSA) reported over the weekend.
— Philippine News Agency

Government to sell stake in OF Bank next year
The government is partially privatizing the Overseas Filipino Bank (OFB) next year by offering the bank’s shares to Filipinos based locally and abroad, the Department of Finance (DOF) said.
— The Philippine Star

Filipino-Chinese biz group touts Mindanao ‘hub’
An association of young Filipino Chinese entrepreneurs sees the tourism industry of Mindanao as the next business hub for interested investors.

PSE capital raising reaches record-high P150B in H1
THE amount of capital raised at the Philippine Stock Exchange (PSE) for the first half of the year reached a record-high P150 billion, despite jittery market conditions.
— Business Mirror

Food processors decry ‘coddling’ of sugar industry
Business groups which have thrown support to the importation of sugar by the local confectionery industry decried the continued protection on the sugar industry at the expense of food processors and consumers.
— Malaya

Taiwanese company files for P6.7-B IPO
TAIWANESE firm Cal-Comp Technology (Philippines) Inc., an economic-zone locator that makes external hard disks in Batangas, has filed a registration statement with the Securities and Exchange Commission (SEC) for its P6.77-billion initial public offering (IPO).
— Business Mirror

Agri trade deficit widens in Q1
The deficit in the external trade of Philippine agricultural products widened by 41 percent to $1.83 billion in the first quarter as imports rose and exports declined, the Philippine Statistics Authority (PSA) reported over the weekend.
— The Philippine Star

Housing prices rise by 2.1% in Q1 2018
Rates to purchase houses in the Philippines rose by 2.1% in the 1st quarter of 2018, according to data from the Bangko Sentral ng Pilipinas (BSP) released on Friday, June 29.
— Rappler

PLDT invests $10M to expand international fiber-optic capacity
DIGITAL services provider PLDT Inc. is investing an additional $10 million (P535.22 million) to increase its capacity in an international fiber-optic cable that runs across Asia, Africa and Europe, helping the company to provide better services to its customers.
— Business Mirror

Food, oil to stoke June inflation
INFLATION likely clocked in faster in June on the back of rising food and oil prices coupled with a weaker peso, economists said in a BusinessWorld poll, with some noting that another rate hike may still be on the table for the central bank to temper prices.
— BusinessWorld Online

Poll: June inflation could have hit 4.6-5%
INFLATION likely accelerated further in June and stayed above the Bangko Sentral ng Pilipinas’ (BSP) target range, economists polled by The Manila Times said.
— The Manila Times

COA: ₱1.3-B in combat items still undelivered to PNP
The Commission on Audit (COA) flagged ₱1.347 billion in mobility and combat items purchased by the previous administration have not yet been delivered to the Philippine National Police (PNP).
— CNN Philippines

Japanese firm plans robotic-parts production in Subic
A Japanese manufacturer of precision gears and other industrial automation solutions has proposed to setup a facility here to produce key components for industrial robots.
— Business Mirror

SWS: 64% support closure of Boracay for one year
A MAJORITY of 64% of Filipino adults agreed, and 20% disagreed, with the government’s recommendation to close the entire island of Boracay to tourists for one year for full rehabilitation, according to a noncommissioned poll by the Social Weather Stations (SWS).
— BusinessWorld Onilne

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Rally for equality as Supreme Court considers gay marriage
Thousands of gay pride marchers braved heavy rain in Manila on Saturday calling for the legalization of same-sex marriage as the Philippines’ top court considers a landmark legal challenge to the current ban.

Calida security firm hit for alleged nonpayment of SSS premiums
The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) on Sunday, July 1, said Vigilant Investigative and Security Agency Inc allegedly failed to remit required payments to the Social Security System (SSS) “for years.”
— Rappler

Philippines hosts anti-drug abuse training for ASEAN members
THE PHILIPPINES, which has been under fire from local and international critics for the Duterte administration’s war on drugs, hosted a training on drug abuse prevention and rehabilitation for the member-states of the Association of Southeast Asian Nations (ASEAN) in Metro Manila last week, from June 25 to 29.
— BusinessWorld Onilne

Tax reform for a brighter future
THE government’s proposed second phase of the tax reform is critical to the modernization of the corporate tax system in the Philippines, in support of the country’s development.
— BusinessWorld Onilne


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Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Philippines morning news by AEC News Today is your one stop source for Philippines news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.


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Stella-maris Ewudolu

Journalist at AEC News Today

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005.

Between November 2010 and February 2012 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.

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